Bearish BTC - 23 October 2024 - Technical Analysis

EURUSD Forex

Bitcoin

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports Bitcoin Bearish bias. A break of 65868.61 will support the fall towards the target of 64203.40 the break of 64203.40 would push the price to 63093.26.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 96439.11
Support S1: 96251.89, S2: 95924.63 , S3: 95737.41
Resistance R1: 96766.37 , R2: 96953.59 , R3: 97280.85

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Summary

Instrument :

Bitcoin

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

Entry Level :

65868.61

Activation Time :

2024-10-23 17:00

Age :

150 Bars

Progress :

38%

Close Time :

2024-10-23 21:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.